Halifax housing report reveals declining vacancy rates, rising rents

H o u s i n g M a r k e t I n f o r m a t i o n

RENTAL MARKET REPORT
Halifax CMA

Canada Mortgage and Housing Corporation
Table of Contents
Date Released: Fall 2010 2 Rents Rise as Vacancy Rates
Decline

Highlights 2 Vacancy Rate Trends

The overall vacancy rate in the Halifax CMA stood at 2.6 per cent in 4 Average Rents Continue to
October 2010 down from 2.9 per cent last year. Rise

Vacancy rates were mixed at the submarket level in Halifax. Four of the nine 4 Market Factors at Play in
submarkets recorded lower vacancy rates while the other ve saw higher 2010
rates. 5 Supply to Increase as Demand
Remains Steady in 2011
Average two-bedroom rents increased 2.9 per cent in 2010 based on
structures common to both the current and previous years’ surveys. The 6 Rental Affordability Indicator*
average rent for a two-bedroom apartment in Halifax was $891 in 2010.
6 Availability Rate Increased in
Figure 1 2010

6 Secondary Rental Market

7 National Overview

8 Survey Zone Map

10 Rental Market Report Tables

19 Methodology

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Rental Market Report - Halifax CMA - Date Released - Fall 2010

Figure 2
Vacancy Rate Trends
Over the past ten years, the
vacancy rate in Halifax has averaged
2.9 per cent. The vacancy rate has
remained relatively stable in spite of
signi cant levels of new construction
and new rental units being added to
the market over the past ten years.

While the overall vacancy rate
declined in Halifax, at a submarket
level vacancy rates were quite
mixed. Four of the submarkets saw
fewer vacancies while the other
ve saw increased levels of vacancy.
Halifax City, which is home to four
submarkets, saw an overall decline
in the vacancy rate from 2.0 to
1.8 per cent. The two largest zones
Rents Rise as Vacancy both the 2010 and 2009 surveys, the in the CMA, in terms of unit count,
average two-bedroom rent increased are Peninsula South and Mainland
Rates Decline North. Combined they account for
by 2.9 per cent in 2010, just slightly
The overall vacancy rate in the Halifax faster than the 2.8 per cent rate of 48 per cent of the Halifax CMA rental
Census Metropolitan Area (CMA) increase reported last year. market universe. Both of these zones
declined for the second year in a row. are located in Halifax City and both
The vacancy rate in the CMA stood Rising costs of development, had 0.5 percentage point decreases
at 2.6 per cent in October 2010, construction, maintenance and in their vacancy rates to 0.8 and
down from 2.9 per cent last fall and utilities pushed the average rent 1.1 per cent, respectively. The lower
3.4 per cent in October 2008, its for a two-bedroom unit in 2010 to level of vacancy in these two zones
ten-year high. Reduced levels of new approximately $891 per month.
apartment construction over the
past two years and steady demand Figure 3
for rental units have resulted in the
lowest vacancy rate since 2003 when
the rate was 2.3 per cent. The Halifax
vacancy rate was exactly the same as
the national average of 2.6 per cent in
October 2010.

The October 2010 Rental Market
Survey recorded 1,026 vacant rental
apartments in Halifax, a decrease from
the 1,136 vacant units reported last
year. The total apartment unit universe
surveyed increased to 40,116 units
in October 2010 up from 39,584 in
October 2009.

The average rent for a two-bedroom
unit in Halifax continued to advance in
2010. Based on structures common to

Canada Mortgage and Housing Corporation 2


Figure 4
of 2.1 per cent in October 2010, a
decline from 2.7 per cent last year.
Bachelor units and one-bedroom units
were close behind with 2.3 per cent
vacancy in both bedroom types. The
most common unit in Halifax, with
a 49 per cent share of the market, is
the two-bedroom unit. This unit type
recorded the highest vacancy rate at
2.9 per cent this year.

Generally speaking, newer buildings
continue to record the lowest vacancy
rates. In previous years, buildings
built in the last ten years reported
the lowest vacancy rates. This year,
however, the less than ten-year old
structures and the ten to twenty-
year old structures recorded almost
the same vacancy rate at 1.1 and
had a signi cant impact on the overall The Bedford and Sackville area saw 1.0 per cent, respectively. The ten
decrease of 0.3 percentage points the vacancy rate remain substantially to twenty-year old structures saw
recorded in the CMA. unchanged as it increased from a sharp decline as the vacancy rate
2.7 per cent in October 2009 to fell from 2.1 per cent in October
The Peninsula South submarket 2.8 per cent this year. 2009. Structures built prior to 1990
continued to record the lowest
reported vacancy rates between 2.2
vacancy rate in the Halifax CMA, The vacancy rate for each bedroom
and 4.7 per cent in 2010.
reporting only 0.8 per cent vacancy in type declined in 2010, with the largest
2010. Mainland North remained just units recording the lowest rates.
behind the south end with a rate of Three-bedroom and larger units
1.1 per cent. were found to have vacancy rates

On the other side of the harbor, Figure 5
Dartmouth City also saw an overall
decline in the vacancy rate from 5.2 to
4.7 per cent. Two of the three zones
in Dartmouth City saw decreased
vacancy rates. Dartmouth North
continued to have the highest overall
vacancy rate in the CMA which
increased to 5.8 per cent in October.

The zones in Halifax City and
Dartmouth City that recorded
declining vacancy rates this year
usually tend to have the lowest
vacancy rates in the Halifax CMA.
These areas, which typically see high
levels of demand, saw even higher
demand for rental units in 2010
resulting in fewer vacancies.



Figure 6
rents in 2010 except Peninsula North
at $923 and Mainland North at $898.
Both submarkets had average two-
bedroom rents that were less than
ve per cent above the overall CMA
average.

Two of the least expensive submarkets
in the CMA were in Dartmouth City.
Dartmouth North reported average
two-bedroom rents at $757 while
Dartmouth South was at $690.

The general trends remained the
same in the Halifax CMA in 2010.
The newer, larger structures with
larger units generally saw the highest
level of demand as evidenced by the
lower vacancy rates. These units also
commanded the highest average
In terms of structure size, larger Average Rents Continue rents. Newer buildings tend to have
buildings continued to record the more modern features including ve
to Rise or more appliances, large units and
lowest vacancy rates in the city.
Buildings with more than 100 units The overall average rent in the various amenities. These structures
saw vacancies rise from 2.1 to Halifax CMA increased 3.0 per cent also tend to be larger in size to
2.4 per cent in October 2010, but still in 2010 based on units common to optimize the economies of scale in
had the second lowest vacancy rate in both the 2009 and 2010 surveys. construction and development costs.
the survey. Buildings with between 50 Last year, average rents increased The end result is a product that is
and 99 units had the lowest vacancy 2.8 per cent (based on units common in high demand with tenants that
rate at 1.8 per cent down from to both the 2008 and 2009 surveys). are willing to pay some of the most
2.3 per cent a year ago. The smaller One-bedroom units recorded the expensive rents in the city.
structures all had vacancy rates largest increase in average rent at
between 2.6 and 3.8 per cent. 3.5 per cent while bachelor units saw Market Factors at Play in
the lowest increase at 2.7 per cent.
The most expensive units in Halifax 2010
are also highest in demand. Units At the submarket level, Peninsula Several factors in uenced the changes
renting for more than $1,000 in 2010 North had the highest increase in seen in the vacancy rates and average
had a vacancy rate of 0.9 per cent. average rents at 4.5 per cent while rents in 2010. A reduced level of new
Three-bedroom units in this price Mainland South had the lowest at supply in the market coupled with
range saw the fewest vacancies but 1.0 per cent. stable demand resulted in the overall
even one-bedroom units renting decrease in vacancy rates.
between $1,000 and $1,200 per The average rent for a two-bedroom
month had a vacancy rate of apartment in Halifax was $891 per The vacancy rate in Halifax has
just 1.4 per cent. Units renting month as of October. Peninsula South remained relatively stable over
between $750 and $1,000 had vacancy remains the highest priced market the past ten years in spite of a
rates between 1.8 and 2.0 per cent in the CMA with an average two- signi cant amount of new rental
while less expensive units saw vacancy bedroom unit renting for $1,282 per unit construction. Since 2001, there
rates as high as 4.2 per cent. month which is 44 per cent higher has been an average of 616 new
than the overall average. Most other rental apartment units completed
submarkets reported below average each year in the Halifax CMA. In



Figure 7
Due to steady demand for rental units,
the Halifax market has been able to
support a 3.0 per cent increase in the
overall average rent. Rising utilities and
maintenance costs continue to push
rents higher as do the initial costs of
development and construction. As
mentioned above, newer and larger
units tend to be in very high demand
and also tend to have the highest
rents. As the market share of these
units continues to increase through
new construction or the renovation
of existing structures, average rents
will continue to advance at a rate in
excess of in ation.

Supply to Increase as
Demand Remains Steady
2008, this number rose to 953 and many existing renters remaining in the in 2011
resulted in the highest vacancy rate rental market as evidenced by weaker
in the past ten years. New apartment home sales. It is expected that the Halifax
construction slowed during the rental market will once again be
economic downturn in 2008 and 2009 After slowing in the rst quarter of generally impacted by the same
to the lowest levels of new starts in 2010, migration to Halifax increased supply and demand factors in 2011.
the past ten years. The result was a in the second quarter and is on pace The exception to this is that supply
decline in completions in 2009 to 729 to meet or exceed the recent highs is expected to begin to rise. New
with a further decline anticipated in established in the past two years at construction increased in the second
2010. It is expected that 2010 will see over 3,000 new migrants. As many half of 2009 and has remained strong
less than the ten-year average annual new migrants tend to seek rental units in 2010. Many of these new projects
of 616 rental apartment completions. as their rst home in a new city, the will complete in 2011 and will result
result was steady demand for rental in an increase in the number of new
The number of new rental apartment units and downward pressure on rental apartment units in the market.
units added to the market in 2010 was vacancy rates. The impact will be upward pressure
not suf cient to offset increasing, or on vacancy rates.
even stable, demand for rental units. While employment levels are near
The result being that the supply-side record highs in Halifax, the breakdown On the demand side, it is expected
of the rental market did not exert between full and part-time positions that employment, wages and migration
much upward pressure on vacancy has shifted. The number of part-time will all remain relatively stable with
rates in 2010. positions grew signi cantly faster than only moderate growth expected.
full-time positions in 2010. Combine Furthermore, new and existing
In addition to somewhat reduced this with weaker real wage growth home sales are not expected to see
levels of new rental apartment units, and the result has been reduced increases in 2011. This will result in a
the demand for these units remained demand for new and existing homes. level of demand for rental units that
steady. Positive migration patterns, The impact on the rental market is is relatively strong, yet similar to what
weakness in new and existing home that demand has remained steady was seen this year. In other words,
sales and general uncertainty in the as renters have been somewhat demand for rental units will be largely
marketplace resulted in more demand less likely to seek homeownership unchanged.
for rental units in 2010. Demand was opportunities. This factor exerted
generated from migration as new downward pressure on vacancy rates. Steady demand and increased supply
renters entered the market and from in the Halifax rental market will result



in some upward pressure on vacancy of the units were occupied at the time for approximately 25 per cent of the
rates. The overall vacancy rate in the of the survey but would be available total Halifax rental market in 2010.
Halifax CMA is expected to increase for occupancy in the near future. Last year, the secondary rental market
to 3.0 per cent in 2011. More new in Halifax accounted for approximately
units at higher rents combined with A rental unit is considered available 28 per cent of total units.
general management cost pressures if the existing tenant has given or
will result in slightly higher average received notice to move, and a new The overall average rent for
rents in the CMA. Expect the average tenant has not yet signed a lease; or secondary rental market units
two-bedroom unit rent to increase to the unit is vacant. A unit is considered was $856 in 2010, compared to an
approximately $920 next year. vacant if at the time of the survey it overall average of $836 for traditional
is physically unoccupied and available apartments. Single-detached homes
for immediate rental. As the de nition rented for the most with an overall
Rental Affordability of availability includes vacancy, the average of $940 followed by an overall
Indicator* availability rate will always be equal to average of $844 for other-primarily
or greater than the vacancy rate. In accessory suites. Semi-detached, row-
According to CMHC’s rental
brief, the availability rate is a measure style and duplex-style homes rented
affordability indicator, affordability in
of the short-term supply of units. for an average of $798 per month in
Halifax’s rental market remained high
2010.
in 2010. For the past ve years, the Availability declined in the two largest
indicator has exceeded 110 and this submarkets in the CMA – Peninsula The average rent for a three-bedroom
year it fell slightly below to 108. The South and Mainland North. All other single-detached home was $1,027,
modest decrease was due to a higher submarkets, except Dartmouth which is signi cantly less than the
than average rent increase in 2010. East (the smallest in the CMA) saw average three-bedroom apartment
The cost of renting a median priced increasing availability rates. The same rent of $1,146. Average rents for
two-bedroom apartment climbed pattern was seen in the two-bedroom one and two-bedroom secondary
ve per cent in 2010, while the three- segment of the market, except that units were also less than traditional
year moving average median income the overall two-bedroom availability apartments with average rents
of renter households grew at 2.1 remained unchanged from last year of $715 and $761 compared to $732
per cent. The 2010 rental affordability at 3.7 per cent. Three-bedroom units and $891, respectively.
indicator in Halifax re ects the saw the lowest level of availability at
current ten-year average of 108. With 2.4 per cent while two-bedroom units
the relatively stable rental market had the highest level.
in Halifax, it is expected that the
affordability indicator will remain near
its current level.
Secondary Rental Market
In the secondary rental market,
* Please refer to the methodology there were 13,583 units surveyed in
section for detailed information on 2010. This part of the survey covers
the indicator. dwellings that are not typical of the
traditional rental market survey
Availability Rate Increased (refer to methodology on page 19).
in 2010 Of the units surveyed, 41 per cent
were identi ed as being either semi-
Availability rates in the Halifax detached, row or duplex-style units.
CMA increased in 2010, in spite of a One-third of the secondary rental
decrease in vacancy rates. The overall units were single-detached homes
average apartment availability rate while one-quarter were other-
increased from 3.2 to 3.3 per cent. primarily accessory suites. Combined
What this means is that while with the 40,116 apartments for rent
2.6 per cent of the units surveyed in Halifax (as per Table 1.1.3), the
were vacant, an additional 0.7 per cent secondary rental market accounted



NATIONAL VACANCY RATE DECREASED IN OCTOBER 2010
Apartment Vacancy Rates (%) housing demand. Recent immigrants between October 2009 and October
by Major Centres tend to rent rst before becoming 2010, a similar pace of rent increase
Oct-09 Oct-10
homeowners. Also, improving to what was observed between
Abbotsford 6.1 6.5 economic conditions have likely October 2008 and October 2009
Barrie 3.8 3.4 boosted the demand for rental (2.3 per cent). The major centres with
Brantford 3.3 3.7 housing, thus pushing vacancy rates the largest increases in average rent
Calgary 5.3 3.6 downward. Moderating this, however, were St. John’s (8.9 per cent), Regina
Edmonton 4.5 4.2 is lower levels of youth employment, (6.3 per cent), and Winnipeg (4.5 per
Gatineau 2.2 2.5 which likely reduced household cent). These increases re ect the tight
Greater Sudbury 2.9 3.0 formation among young adults rental market conditions prevailing in
Guelph 4.1 3.4 (under 24 years of age) who are these CMAs. Average rents in existing
Halifax 2.9 2.6 predominantly renters. structures decreased in Calgary (-2.7
Hamilton 4.0 3.7 per cent), and Windsor (-0.4 per cent).
Kelowna 3.0 3.5 The Canadian average two-bedroom
Kingston 1.3 1.0 rent in new and existing structures CMHC’s October 2010 Rental Market
Kitchener 3.3 2.6 was $860 in 2010 compared to $836 Survey also covers condominium
London 5.0 5.0 in 2009. With respect to the CMAs, apartments offered for rent in
Moncton 3.8 4.2 the highest average monthly rents Calgary, Edmonton, Montréal, Ottawa,
Montréal 2.5 2.7 for two-bedroom apartments in new Québec, Regina, Saskatoon, Toronto,
Oshawa 4.2 3.0 and existing structures in Canada’s Vancouver, and Victoria.Vacancy rates
Ottawa 1.5 1.6 major centres were in Vancouver for rental condominium apartments
Peterborough 6.0 4.1
($1,195), Toronto ($1,123), Calgary were 2.0 per cent or below in 6 of
Québec 0.6 1.0
($1,069), Ottawa-Gatineau (Ontario the 10 centres surveyed. Rental
Regina 0.6 1.0
Part $1,048),Victoria ($1,024), and condominium vacancy rates were the
Saguenay 1.5 1.8
Edmonton ($1,015).These are the lowest in Saskatoon (0.9 per cent),
Saint John 3.6 5.1
Saskatoon 1.9 2.6
only major centres with average rents Regina (1.4 per cent), and Victoria (1.6
Sherbrooke 3.9 4.6 at or above $1,000 per month. The per cent). The highest vacancy rates
St. Catharines-Niagara 4.4 4.4 lowest average monthly rents for two- for rental condominium apartments
St. John's 0.9 1.1 bedroom apartments were in Trois- occurred in Edmonton (5.2 per cent),
Thunder Bay 2.3 2.2 Rivières ($533), Saguenay ($535), and Calgary (5.2 per cent), and Montréal
Toronto 3.1 2.1 Sherbrooke ($566). (4.2 per cent). The highest average
Trois-Rivières 2.7 3.9 monthly rents for two-bedroom
Vancouver 2.1 1.9 Provincially, the highest average condominium apartments were in
Victoria 1.4 1.5 monthly rents were in Alberta Vancouver ($1,610), Toronto ($1,590),
Windsor 13.0 10.9 ($1,036), British Columbia ($1,019), Calgary ($1,385), and Ottawa-
Winnipeg 1.1 0.8 and Ontario ($980), while the lowest Gatineau (Ontario part, $1,212). All
Total 2.8 2.6 monthly rents were in Québec ($666), surveyed centres posted average
Newfoundland and Labrador, and New monthly rents for two-bedroom
The average rental apartment vacancy Brunswick (both $668). condominium apartments that were
rate in Canada’s 35 major centres1 Year-over-year comparison of average higher than average monthly rents for
decreased to 2.6 per cent in October rents can be slightly misleading because two-bedroom private apartments in
2010 from 2.8 in October 2009. rents in newly built structures tend the conventional rental market.

Immigration continues to be a to be higher than in existing buildings.
strong driver in increasing rental By excluding new structures, we can
get a better indication of actual rent
1 Major centres are based on Statistics Canada increases paid by tenants. The average
Census Metropolitan Areas (CMAs) with the rent for two-bedroom apartments in
exception of the Ottawa-Gatineau CMA which is
treated as two centres for Rental Market Survey existing structures across Canada’s 35
purposes and Charlottetown which is a Census major centres increased 2.4 per cent
Agglomeration (CA).



RMS ZONE DESCRIPTIONS - HALIFAX CMA
Zone 1
Halifax Peninsula South begins at Cornwallis Street, then along Cunard to Robie Street. From Robie the boundary runs south to
Quinpool Road; along Quinpool to Connaught Avenue; north on Connaught to Chebucto Road to the North West Arm.
Zone 2 Halifax Peninsula North is the northern section of the Halifax Peninsula, separated from the mainland by Dutch Village Road and
Joseph Howe Avenue.
Zone 3 Halifax Mainland South is the mainland area within the city of Halifax south of St. Margaret's Bay Road.
Zone 4 Halifax Mainland North is the mainland area within the city of Halifax boundaries north of St. Margaret's Bay Road.
Zones 1-4 City of Halifax
Zone 5 Dartmouth North is the part of Dartmouth north of Ochterloney Street, Lake Banook and Micmac Lake.
Zone 6 Dartmouth South is south of Ochterloney Street and Lake Banook and west of (outside) the Circumferential Highway, including
Woodside as far as CFB Shearwater.
Zone 7 Dartmouth East is the area bounded by Micmac Lake and Lake Charles to the west, Highway 111, Halifax Harbour to Hartlen
Point to the south, Cow Bay and Cole Harbour to the east and Ross Road, Lake Major Road, Lake Major and Spider Lake to the
north.
Zones 5-7 City of Dartmouth
Zone 8 Bedford and Sackville is the area bounded by Highway 102, the Sackville River and Webber Lake to the west, the Beaverbank-
Windsor Junction Crossroad to the north, the No. 7 Highway and Akerley Boulevard to the east and a straight line connecting
Kearney Lake with Fernleigh Subdivision to the south.
Zone 9 Remainder of CMA is the remaining portion of HRM east of Ross Road and Lake Major Road, north of Wilson Lake Drive and
Beaverbank-Windsor Junction Crossroad, west of Kearney Lake and Birch Cove Lakes and south of Long Lake and the community
of Herring Cove.
Zones 8-9 Surrounding Areas
Zones 1-9 Halifax CMA



Rental Market Report Tables

Available in ALL Rental Market Reports

Private Apartment Data:
1.1.1 Vacancy Rates (%) by Zone and Bedroom Type
1.1.2 Average Rents ($) by Zone and Bedroom Type
1.1.3 Number of Units - Vacant and Universe by Zone and Bedroom Type
1.1.4 Availability Rates (%) by Zone and Bedroom Type
1.1.5 Estimate of Percentage Change (%) of Average Rent
1.2.1 Vacancy Rates (%) by Year of Construction and Bedroom Type
1.2.2 Average Rents ($) by Year of Construction and Bedroom Type
1.3.1 Vacancy Rates (%) by Structure Size and Bedroom Type
1.3.2 Average Rents ($) by Structure Size and Bedroom Type
1.4 Vacancy Rates (%) by Rent Range and Bedroom Type

Available in SELECTED Rental Market Reports
Private Apartment Data:
1.3.3 Vacancy Rates (%) by structure Size and Zone

Private Row (Townhouse) Data:

Private Apartment and Row (Townhouse) Data:

Available in the Quebec, Montreal, Ottawa, Toronto, Regina, Saskatoon, Edmonton, Calgary, Vancouver
and Victoria Reports
Rental Condominium Apartment Data *
4.1.1 Rental Condominium Apartments and Private Apartments in the RMS - Vacancy Rates (%)
4.1.2 Rental Condominium Apartments and Private Apartments in the RMS - Average Rents ($)
4.1.3 Rental Condominium Apartments - Average Rents ($)
4.2.1 Rental Condominium Apartments and Private Apartments in the RMS - Vacancy Rates (%) by Building Size
4.3.1 Condominium Universe, Rental Units, Percentage of Units in Rental and Vacancy Rate
4.3.2 Condominium Universe, Rental Units, Percentage of Units in Rental and Vacancy Rate by Building Size

Available in the Montreal, Toronto, Vancouver, St. John’s, Halifax, Quebec, Barrie, Ottawa, Regina,
Saskatoon, Calgary, Edmonton, Abbotsford, Kelowna and Victoria Reports
Secondary Rented Unit Data
5.1 Secondary Rented Unit Average Rents ($) by Dwelling Type
5.2 Estimated Number of Households in Secondary Rented Units and Estimated Percentage of Households in Secondary
Rented Units by Dwelling Type



1.1.1 Private Apartment Vacancy Rates (%)
by Zone and Bedroom Type
Halifax CMA
Bachelor 1 Bedroom 2 Bedroom 3 Bedroom + Total
Zone
Oct-09 Oct-10 Oct-09 Oct-10 Oct-09 Oct-10 Oct-09 Oct-10 Oct-09 Oct-10
Peninsula South 0.8 a 1.0 a 1.3 a 0.7 a 1.3 a 0.9 a 2.8 c 0.6 b 1.3 a 0.8 a
Peninsula North 1.8 c 2.2 c 2.0 c 2.8 c 3.9 c 4.1 c 4.2 c 2.0 c 3.1 c 3.3 c
Mainland South 4.4 d 0.0 c 2.7 b 2.9 b 4.6 b 4.5 b 4.9 c ** 3.9 b 4.1 b
Mainland North 0.3 b 1.8 c 2.0 b 1.1 a 1.5 a 1.2 a 0.6 a 0.5 a 1.6 a 1.1 a
City of Halifax (Zones 1-4) 1.0 a 1.4 a 1.8 a 1.5 a 2.4 a 2.1 a 2.1 a 1.5 a 2.0 a 1.8 a
Dartmouth North ** 10.6 d 4.5 b 5.2 b 6.7 b 6.0 b 3.6 d 4.3 d 5.6 a 5.8 b
Dartmouth South 10.8 d ** 1.9 a 2.0 a 4.9 a 3.6 a 6.5 b 2.6 a 4.0 a 3.0 a
Dartmouth East ** ** 2.1 c 1.9 c 5.2 c 2.7 c ** ** 5.4 c 2.8 b
City of Dartmouth (Zones 5-7) ** 9.1 c 3.7 b 4.2 b 6.0 a 4.8 b 5.6 c 4.2 c 5.2 a 4.7 a
Bedford & Sackville 0.0 c 0.0 d 1.7 c 3.6 c 3.3 a 2.9 a 1.3 a 1.7 a 2.7 a 2.8 a
Remainder of Metro ** n/s 1.3 a 4.2 c 2.6 a 2.2 a ** ** 2.2 a 2.9 a
Halifax CMA 2.5 b 2.3 a 2.4 a 2.3 a 3.3 a 2.9 a 2.7 a 2.1 a 2.9 a 2.6 a

The following letter codes are used to indicate the reliability of the estimates:
a - Excellent, b- Very good, c - Good, d - Fair (Use with Caution)
** Data suppressed to protect con dentiality or data not statistically reliable.
n/u: No units exist in the universe for this category n/s: No units exist in the sample for this category n/a: Not applicable
Please click Methodology or Data Reliability Tables Appendix link for more details

1.1.2 Private Apartment Average Rents ($)
Halifax CMA
Zone
Peninsula South 691 a 697 a 891 a 918 a 1,318 a 1,282 a 1,789 b 1,794 b 1,035 a 1,039 a
Peninsula North 586 a 587 b 712 a 724 a 887 a 923 a 1,035 b 1,053 a 814 a 833 a
Mainland South 469 a 470 b 561 a 554 a 728 a 742 a 868 b 930 b 671 a 668 a
Mainland North 598 a 594 a 675 a 704 a 868 a 898 a 1,017 a 1,087 a 820 a 851 a
City of Halifax (Zones 1-4) 653 a 652 a 754 a 772 a 933 a 952 a 1,192 a 1,238 a 867 a 883 a
Dartmouth North 509 a 506 a 597 a 617 a 746 a 757 a 819 b 880 b 671 a 690 a
Dartmouth South 506 a 482 a 605 a 640 a 683 a 690 a 774 a 775 a 658 a 675 a
Dartmouth East ** 474 d 771 b 737 a 880 a 835 b 683 b ** 838 a 830 a
City of Dartmouth (Zones 5-7) 544 a 498 a 614 a 633 a 761 a 760 a 782 a 884 b 695 a 710 a
Bedford & Sackville 593 c 570 b 639 a 717 a 799 a 834 a 963 a 1,011 a 783 a 827 a
Remainder of Metro ** n/s 616 a 719 a 695 a 788 a ** ** 675 a 797 a
Halifax CMA 638 a 632 a 710 a 732 a 877 a 891 a 1,091 a 1,146 a 817 a 836 a

The following letter codes are used to indicate the reliability of the estimates (cv = coef cient of variation):
a - Excellent (0 cv 2.5), b- Very good (2.5 < cv 5), c - Good (5 < cv 7.5), d - Fair (Use with Caution) (7.5 < cv 10)



1.1.3 Number of Private Apartment Units Vacant and Universe in October 2010
Halifax CMA
Zone
Vacant Total Vacant Total Vacant Total Vacant Total Vacant Total
Peninsula South 13 a 1,251 28 a 3,929 19 a 2,151 3 b 475 62 a 7,805
Peninsula North 10 c 438 57 c 2,066 111 c 2,713 8 c 405 186 c 5,621
Mainland South 0 c 36 31 b 1,070 58 b 1,288 ** 165 104 b 2,559
Mainland North 6 c 333 36 a 3,442 81 a 6,536 6 a 1,160 129 a 11,471
City of Halifax (Zones 1-4) 29 a 2,058 152 a 10,507 268 a 12,688 33 a 2,204 482 a 27,456
Dartmouth North 22 d 204 144 b 2,763 180 b 2,984 9 d 215 356 b 6,166
Dartmouth South ** 59 18 a 903 38 a 1,053 7 a 274 69 a 2,289
Dartmouth East ** 36 7 c 363 30 c 1,110 ** 127 47 b 1,637
City of Dartmouth (Zones 5-7) 27 c 300 170 b 4,028 249 b 5,148 26 c 616 471 a 10,092
Bedford & Sackville 0 d 41 15 c 409 42 a 1,444 4 a 256 61 a 2,151
Remainder of Metro n/s n/s 4 c 96 6 a 289 ** ** 12 a 417
Halifax CMA 56 a 2,399 341 a 15,040 565 a 19,569 65 a 3,108 1,026 a 40,116


1.1.4 Private Apartment Availability Rates (%)
Halifax CMA
Zone
Peninsula South 1.3 a 1.3 a 2.6 a 1.7 a 2.2 b 1.9 b 2.8 c 1.1 a 2.3 a 1.7 a
Peninsula North 2.3 c 4.5 d 2.3 b 3.2 d 4.3 c 5.1 c 4.2 c 2.5 c 3.4 b 4.2 c
Mainland South 4.4 d 0.0 c 2.8 b 3.4 b 4.8 b 5.4 b 4.9 c 10.4 d 4.0 b 4.8 b
Mainland North 0.3 b 2.2 c 2.2 a 1.7 a 2.0 a 1.9 a 0.7 a 0.6 a 1.9 a 1.7 a
City of Halifax (Zones 1-4) 1.4 a 2.1 a 2.4 a 2.2 a 2.8 a 2.9 a 2.1 a 1.8 b 2.5 a 2.5 a
Dartmouth North ** 13.9 d 4.6 b 6.7 b 6.9 b 6.9 b 3.6 d 4.3 d 5.7 a 7.0 b
Dartmouth South 10.8 d ** 2.1 a 2.8 a 4.9 a 5.7 a 6.5 b 4.0 b 4.1 a 4.4 a
Dartmouth East ** ** 2.4 c 2.5 b 5.2 c 2.7 c ** ** 5.5 c 3.0 b
City of Dartmouth (Zones 5-7) ** 11.3 d 3.9 b 5.5 b 6.1 a 5.8 b 5.6 c 4.8 c 5.3 a 5.8 a
Bedford & Sackville 0.0 c 0.0 d 1.7 c 4.3 c 3.4 a 3.1 a 1.7 a 1.7 a 2.8 a 3.1 a
Remainder of Metro ** n/s 1.3 a 5.3 c 2.6 a 2.2 a ** ** 2.2 a 3.2 b
Halifax CMA 2.8 b 3.2 b 2.8 a 3.1 a 3.7 a 3.7 a 2.8 a 2.4 a 3.2 a 3.3 a




1.1.5 Private Apartment Estimate of Percentage Change (%) of Average Rent 1
by Bedroom Type
Halifax CMA
Centre
to to to to to to to to to to
Peninsula South 4.2 c 2.6 b 4.6 c 3.8 b 3.9 c 3.4 c 4.2 d 2.4 c 4.2 c 3.1 b
Peninsula North 2.3 c 4.9 c 3.1 c 4.7 c 2.9 b 4.7 c ** 3.3 d 3.1 c 4.5 c
Mainland South ** ++ 2.8 b 1.1 d 3.6 c ++ 2.7 b ++ 3.2 c 1.0 d
Mainland North 2.3 b 1.0 d 1.6 c 2.8 a 2.1 a 2.2 a 3.2 c 1.9 b 2.0 a 2.4 a
City of Halifax (Zones 1-4) 3.6 b 2.7 a 3.0 a 3.4 b 2.9 a 2.9 a 3.2 c 2.1 b 3.0 b 2.9 a
Dartmouth North ++ 2.6 c 0.9 d 3.7 c 2.7 c 2.8 c 4.2 d 2.7 c 1.9 c 3.0 b
Dartmouth South 2.3 c ++ 3.2 a 4.2 c 2.1 b 2.8 b 2.7 a 2.0 b 2.8 a 3.2 c
Dartmouth East ** ** 3.9 d ** 3.5 c 2.5 c ** ** 3.9 c 2.7 c
City of Dartmouth (Zones 5-7) ++ 2.6 b 1.7 b 3.7 b 2.7 b 2.8 b 3.3 d 3.1 c 2.4 a 3.0 a
Bedford & Sackville ++ ++ ++ 3.8 b 2.4 c 2.9 b ++ 6.2 c 2.5 c 3.3 c
Remainder of Metro n/s n/s 1.6 b 4.8 b 2.7 b 3.7 c ** ** 2.4 b 4.3 b
Halifax CMA 2.7 a 2.7 a 2.6 a 3.5 a 2.8 a 2.9 a 3.1 c 2.7 a 2.8 a 3.0 a
1
The Percentage Change of Average Rent is a measure of the market movement, and is based on those structures that were common to the survey sample for both years.

++ Change in rent is not statistically signi cant. This means that the change in rent is not statistically different than zero (0).



by Year of Construction and Bedroom Type
Halifax CMA
Year of Construction
Halifax CMA
Pre 1960 3.2 d 3.3 d 3.4 d 2.7 c 3.5 c 3.0 b 1.9 c 1.1 d 3.2 c 2.7 b
1960 - 1974 4.9 c 3.9 c 3.1 b 3.6 b 5.7 b 5.9 b 4.5 c 5.4 c 4.4 a 4.7 b
1975 - 1989 0.7 a 1.6 a 2.0 a 1.6 a 3.3 a 3.0 a 4.1 b 1.4 a 2.6 a 2.2 a
1990 - 1999 ** 0.5 b 2.1 b 1.1 a 2.3 a 1.0 a 0.4 a 1.2 a 2.1 a 1.0 a
2000+ 0.0 c 0.7 b 0.5 a 1.3 a 1.1 a 1.0 a 1.7 a 0.6 a 1.0 a 1.1 a
Total 2.5 b 2.3 a 2.4 a 2.3 a 3.3 a 2.9 a 2.7 a 2.1 a 2.9 a 2.6 a


by Year of Construction and Bedroom Type
Halifax CMA
Year of Construction
Halifax CMA
Pre 1960 583 b 550 b 649 a 664 a 772 a 776 a 1,005 b 1,172 c 743 a 765 a
1960 - 1974 595 a 596 a 656 a 682 a 751 a 773 a 955 b 973 b 715 a 734 a
1975 - 1989 675 a 687 a 703 a 732 a 814 a 842 a 1,024 a 1,033 a 768 a 794 a
1990 - 1999 613 a 604 a 684 a 718 a 853 a 895 a 1,044 a 1,114 a 805 a 847 a
2000+ 875 b 820 b 1,018 a 977 a 1,256 a 1,204 a 1,468 b 1,404 b 1,206 a 1,159 a
Total 638 a 632 a 710 a 732 a 877 a 891 a 1,091 a 1,146 a 817 a 836 a




by Structure Size and Bedroom Type
Halifax CMA
Size
Halifax CMA
3 to 5 Units ** ** ** 3.1 d 4.6 d 3.1 d 0.5 b ** 3.5 d 2.6 c
6 to 19 Units ** 4.6 d 3.5 c 2.3 c 4.2 b 4.7 c 3.8 c 4.0 c 3.8 b 3.8 b
20 to 49 Units 5.8 d 2.5 c 3.2 b 2.5 a 3.5 a 2.8 a 2.9 a 4.0 b 3.4 a 2.7 a
50 to 99 Units 2.3 c 2.3 c 2.0 a 2.4 a 2.4 a 1.5 a 3.0 c 0.7 a 2.3 a 1.8 a
100+ Units 0.8 a 1.1 a 0.9 a 1.8 a 3.5 a 3.6 a 3.4 a 1.6 a 2.1 a 2.4 a


by Structure Size and Bedroom Type
Halifax CMA
Size
Halifax CMA
3 to 5 Units 565 b 514 b 647 b 661 a 794 b 750 a 1,133 c 1,242 c 817 b 815 b
6 to 19 Units 542 b 557 a 596 a 598 a 731 a 749 a 835 a 887 a 684 a 695 a
20 to 49 Units 606 a 580 a 646 a 685 a 822 a 836 a 955 a 996 a 751 a 773 a
50 to 99 Units 636 a 617 a 739 a 748 a 964 a 957 a 1,178 a 1,232 a 884 a 892 a
100+ Units 703 a 720 a 814 a 852 a 958 a 1,002 a 1,259 a 1,284 a 895 a 933 a
Total 638 a 632 a 710 a 732 a 877 a 891 a 1,091 a 1,146 a 817 a 836 a




by Structure Size and Zone
Halifax CMA
3-5 6-19 20-49 50-99 100+
Zone
Peninsula South ** ** 1.9 c 0.8 a 1.7 c 0.8 a 1.2 a 0.2 a 0.8 a 0.8 a
Peninsula North ** 1.3 d 3.0 c 3.6 c 2.0 b 0.8 a 0.8 a 1.1 a 5.4 a 6.6 a
Mainland South 2.1 c ** 1.6 c 1.3 a 5.5 b 6.9 c 3.2 a 0.0 a ** **
Mainland North ** ** 4.4 d 4.2 d 2.8 a 1.8 a 0.6 a 0.4 a 0.3 a 0.3 a
City of Halifax (Zones 1-4) 2.7 c 1.5 c 2.8 b 2.4 b 2.8 a 2.0 a 1.0 a 0.4 a 2.0 a 2.5 a
Dartmouth North ** ** ** ** 6.6 a 5.3 b 7.1 a 7.4 a 1.4 a 1.0 a
Dartmouth South ** ** 5.2 a 3.2 a 2.5 a 3.8 a 2.5 a 1.7 a ** **
Dartmouth East 0.0 a ** 4.3 d 10.5 a 9.5 a 5.1 c 4.0 d 0.6 a ** **
City of Dartmouth (Zones 5-7) ** 5.6 d 5.8 b 6.3 c 6.3 a 4.9 b 5.6 a 4.8 b 1.4 a 1.1 a
Bedford & Sackville ** 0.0 d 1.6 c 1.0 a 1.9 a 2.9 a 1.0 a 1.7 b ** **
Remainder of Metro 2.9 c ** 4.3 d 5.8 c 1.8 a 0.0 a ** ** n/u n/u
Halifax CMA 3.5 d 2.6 c 3.8 b 3.8 b 3.4 a 2.7 a 2.3 a 1.8 a 2.1 a 2.4 a


1.4 Private Apartment Vacancy Rates (%)
by Rent Range and Bedroom Type
Halifax CMA
Rent Range
Halifax CMA
LT $650 4.2 c 3.3 c 3.6 b 3.1 b 8.6 b 7.5 b ** ** 4.8 a 4.2 b
$650 - $749 0.8 a 1.3 a 1.5 b 1.3 a 4.5 a 3.7 b 7.0 c 8.1 c 3.4 a 2.9 a
$750 - $849 0.6 a 0.5 a 1.8 c 2.4 c 3.9 b 1.9 a 3.0 b 2.9 a 3.0 b 2.0 a
$850 - $999 ** ** 0.6 a 0.5 a 1.2 a 2.6 b 2.5 b 2.4 b 1.1 a 1.8 a
$1000 - $1199 ** ** 0.2 b 1.4 a 0.8 a 0.9 a 0.5 a 0.2 b 0.6 a 0.9 a
$1200+ ** n/s 1.3 a 3.5 a 1.8 b 0.8 a 2.6 b 0.6 a 1.9 a 0.9 a




1
5.1 Other Secondary Rented Unit Average Rents ($)
by Dwelling Type
Halifax CMA - October 2010
Halifax CMA
Single Detached n/s n/s ** ** 567 c 726 c 951 c 1,027 c 798 c 940 b
Semi detached, Row and Duplex n/s n/s ** ** ** 702 c 846 b 831 b 794 b 798 b
Other-Primarily Accessory Suites n/s n/s ** 692 d 773 d 840 c ** 1,336 d 766 c 844 c
Total n/s n/s 591 c 715 c 687 c 761 b 900 b 944 b 790 b 856 b
1
Statistics for secondary rented units exclude apartments in purpose built rental structures with three rental units or more, condominium apartments, units in institutions, and any dwelling whose type
could not be identified in the survey.


5.2 Estimated Number of Households in Other Secondary Rented Units 1
by Dwelling Type
Halifax CMA - October 2010
Estimated Number of Households in Other
Secondary Rented Units1

Oct-09 Oct-10
Halifax CMA
Single Detached 5,592 a 4,566 a
Semi detached, Row and Duplex 6,657 b 5,603 a
Other-Primarily Accessory Suites 3,490 b 3,415 b
Total 15,739 a 13,583 a
1
Statistics for secondary rented units exclude apartments in purpose built rental structures with three rental units or more, condominium apartments, units
in institutions, and any dwelling whose type could not be identified in the survey.




Technical note:
Difference between Percentage Change of Average Rents (Existing and New Structures) AND Percentage Change
of Average Rents from Fixed Sample (Existing Structures Only):
Percentage Change of Average Rents (New and Existing Structures): The increase/decrease obtained
from the calculation of percentage change of average rents between two years (example: $500 in the
previous year vs. $550 in current survey represents an increase of 10 percent) is impacted by changes in
the composition of the rental universe (e.g. the inclusion of newly built luxury rental buildings in the
survey, rental units renovated/upgraded or changing tenants could put upward pressure on average rents
in comparison to the previous year) as well as by the rent level movement (e.g. increase/decrease in the
level of rents that landlords charge their tenants).
Percentage Change of Average Rents from Fixed Sample (Existing Structures Only): This is a measure
that estimates the rent level movement. The estimate is based on structures that were common to the
survey sample for both the previous year and the current October Rental Market Surveys. However,
some composition effects still remain e.g. rental units renovated/upgraded or changing tenants because
the survey does not collect data to such level of details.



METHODOLOGY FOR RENTAL MARKET SURVEY

Canada Mortgage and Housing Corporation (CMHC) conducts the Rental Market Survey (RMS) every year in April and
October to estimate the relative strengths in the rental market. The survey is conducted on a sample basis in all urban areas
with populations of 10,000 and more. The survey targets only privately initiated structures with at least three rental units, which
have been on the market for at least three months. The survey collects market rent, available and vacant unit data from sampled
structures. Most RMS data contained in this publication refer to privately initiated apartment structures.

The survey is conducted by a combination of telephone interviews and site visits, and information is obtained from the owner,
manager, or building superintendent. The survey is conducted during the first two weeks of April/October, and the results
reflect market conditions at that time.

CMHC’s Rental Market Survey provides a snapshot of vacancy and availability rates, and average rents in both new and existing
structures. In October 2006, CMHC has introduced a new measure for the change in rent that is calculated based on existing
structures only. This estimate is based on structures that were common to the survey sample the previous year and the current
year of the Rental Market Survey. The change in rent in existing structures is an estimate of the change in rent that the landlords
charge and removes compositional effects on the rent level movement due to new buildings, conversions, and survey sample
rotation. The estimate of per cent change in rent is available in the Rental Market Report – Canada Highlights , Provincial
Highlights, and the local Rental Market Reports. The rent levels in new and existing structures are also published. While the per
cent change in rents in existing structures published in the reports are statistically significant, changes in rents that one might
calculate based on rent levels in new and existing structures may or may not be statistically significant.

METHODOLOGY FOR SECONDARY RENTAL MARKET SURVEY

Canada Mortgage and Housing Corporation (CMHC) conducts a survey of the Secondary Rental Market (SRMS) in
September and October to estimate the relative strengths in the secondary rental market which is defined as those dwellings not
covered by the regular RMS. CMHC has identified the following dwelling components to be included in SRMS:

• Rented single-detached houses.
• Rented double (semi-detached) houses (i.e.. Two units of approximate equal size and under one roof that are situated either
side-by-side or front-to-back).
• Rented freehold row/town homes.
• Rented duplex apartments (i.e.. one-above-other).
• Rented accessory apartments (separate dwelling units that are located within the structure of another dwelling type).
• Rented condominiums (can be any dwelling type but are primarily apartments).
• One or two apartments which are part of a commercial or other type of structure.

The SRMS has three components which are conducted in selected CMAs:

• A Household Rent Survey of all households to collect information about rents.
• A Condominium Apartment Rent Survey of households living in condominium apartments to collect information about rents.
• A Condominium Apartment Vacancy Survey of condominium apartment owners to collect vacancy information.

All three surveys are conducted by telephone interviews. For the condominium apartment vacancy survey, information is
obtained from the owner, manager, or building superintendent and can be supplemented by site visits if no telephone contact is
made. For the other two surveys, information is collected from an adult living in the household. All surveys are conducted in
September and October, and the results reflect market conditions at that time.

CMHC publishes the number of units rented and vacancy rates for the condominium vacancy survey. For the condominium rent
and household rent surveys, the average rent is published. A letter code representing the statistical reliability (i.e., the coefficient
of variation (CV)) for each estimate is provided to indicate the data reliability. Rented condominium apartments were surveyed
in the following CMAs: Vancouver, Victoria, Calgary, Edmonton, Regina, Saskatoon, Toronto, Ottawa, Montréal and Québec
(NOTE: condo rent data was not collected for Regina and Saskatoon). Other secondary rental market units were surveyed in
Abbotsford, Barrie, Calgary, Edmonton, Halifax, Montreal, Ottawa, Quebec, St. John’s, Toronto, Regina, Saskatoon, Kelowna,
Vancouver and Victoria.



Definitions
Availability: A rental unit is considered available if the existing tenant has given, or has received, notice to move, and a new tenant has
not signed a lease; or the unit is vacant (see definition of vacancy below).

Rent: The rent refers to the actual amount tenants pay for their unit. No adjustments are made for the inclusion or exclusion of
amenities and services such as heat, hydro, parking, and hot water. For available and vacant units, the rent is the amount the owner is
asking for the unit.

It should be noted that the average rents reported in this publication provide a sound indication of the amounts paid by unit size and
geographical sector. Utilities such as heating, electricity and hot water may or may not be included in the rent.

Rental Apartment Structure: Any building containing three or more rental units, of which at least one unit is not ground oriented.
Owner-occupied units are not included in the rental building unit count.

Rental Row (Townhouse) Structure: Any building containing three or more rental units, all of which are ground oriented with
vertical divisions. Owner-occupied units are not included in the rental building unit count. These row units in some centres are
commonly referred to as townhouses.

Vacancy: A unit is considered vacant if, at the time of the survey, it is physically unoccupied and available for immediate rental.

Definitions of Census Areas referred to in this publication are as follows:

A census metropolitan area (CMA) or a census agglomeration (CA) is formed by one or more adjacent municipalities centred
on a large urban area (known as the urban core). The census population count of the urban core is at least 10,000 to form
a census agglomeration and at least 100,000 to form a census metropolitan area. To be included in the CMA or CA, other adjacent
municipalities must have a high degree of integration with the central urban area, as measured by commuting flows derived from census
place of work data. CMAs and CAs contain whole municipalities or Census Subdivisions.

All data presented in this publication is based on Statistics Canada’s 2001 and 2006 Census area definitions.

Acknowledgement

The Rental Market Survey and the Secondary Rental Market Survey could not have been conducted without the cooperation
of the rental property owners, managers, building superintendents and household members throughout Canada. CMHC acknowledges
their hard work and assistance in providing timely and accurate information. As a result of their contribution, CMHC is able to provide
information that benefits the entire housing industry.

Rental Affordability Indicator



CMHC—Home to Canadians
Canada Mortgage and Housing Corporation (CMHC) has been Canada's national housing agency for more than 60 years.

Together with other housing stakeholders, we help ensure that the Canadian housing system remains one of the best in the
world. We are committed to helping Canadians access a wide choice of quality, environmentally sustainable and affordable
homes – homes that will continue to create vibrant and healthy communities and cities across the country.

For more information, visit our website at www.cmhc.ca

You can also reach us by phone at 1-800-668-2642 or by fax at 1-800-245-9274.
Outside Canada call 613-748-2003 or fax to 613-748-2016.
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content solely for personal, corporate or public policy research, and educational purposes. This permission consists of the
right to use the content for general reference purposes in written analyses and in the reporting of results, conclusions, and
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Halifax housing report reveals declining vacancy rates, rising rents

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